The transaction was implemented by means of an Isle of Man court approved Scheme of Arrangement and came into effect on Friday 10 May.

The Cains team acted as Isle of Man counsel to Manx Telecom and was led by corporate director, Tristan Head and litigation director, Peter Clucas. Andrew Baker and David Doyle assisted. DLA Piper UK LLP acted as lead onshore counsel to Manx Telecom.

This transaction is one of a long line of M&A transactions on which the Cains team has recently advised. Others include: the acquisition by Canaccord Genuity Wealth (International) Limited of the private client investment management business of Thomas Miller Investment (Isle of Man) Limited; the sale of SMP Partners to Palatine Private Equity LLP; the takeover of Paysafe Group PLC by way of a scheme of arrangement.

Peter Clucas, Managing Director of Cains, said: “We are delighted to have been able to assist our long standing client Manx Telecom in relation to this major transaction. Cains has an exceptional reputation for corporate and finance work and to have been selected to advise on such a significant transaction demonstrates the recognition of our strength and expertise particularly when advising on Isle of Man schemes of arrangement.”